Air Canada was shaken on the Toronto Stock Exchange after announcing massive flight cancellations this summer due to a series of problems, which will slow the recovery of the country’s largest airline.
Posted at 9:55 am
On the Bay Street floor Thursday, after markets opened, the Montreal-based company’s address fell 7.5%, or $1.28, to trade at $15.79.
In the evening, the day before, Air Canada announced that it was reducing its schedule to an average of 154 flights per day in July and August. Most affected flights depart or head to hubs such as Toronto and Montreal.
To date, Air Canada has operated an average of 1,000 flights per day. Three routes will be temporarily suspended: Montreal-Pittsburgh, Baltimore-Keluna and Toronto-Fort McMurray. The announced changes do not affect the company’s international flights.
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- 6%
- It is the federal government’s stake in Air Canada.
Government of Canada
